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Gulshan Palladium (5th Floor, Flat: D5), House C-1, Road 95, Gulshan 2, Dhaka 1212, BangladeshBANGLADESH ASSOCIATION OF PUBLICLY LISTED COMPANIES

02 Annual Report 2017-2018 Bangladesh Association of Publicly Listed Companies

All Member-Companies & Stakeholdersof Bangladesh Association of Publicly Listed Companies (BAPLC)

Dear Sir / Madam,

We are pleased to enclose a copy of the Annual Report 2017-2018 together with the Audited Financial Statements including Financial Position as at June 30, 2018 and Statement of Comprehensive Income, Statement of Cash Flows for the year ended June 30, 2018 along with notes thereon of The Bangladesh Association of Publicly Listed Compa-nies (BAPLC).

Looking forward to your active participation in the AGM, we remain.

Yours sincerely,

Md. Amzad HossainSecretary-General

Dated: DhakaNovember 25, 2018

LETTER OF TRANSMITTAL

03Annual Report 2017-2018Bangladesh Association of Publicly Listed Companies

TABLE OF CONTENTSNOTICE OF THE 19TH ANNUAL GENERAL MEETING 04

FORMER PRESIDENTS & VICE PRESIDENTS 05

CORPORATE STRUCTURE 2018-2019 06

REPORT OF THE EXECUTIVE COMMITTEE 08

DIFFERENT OCCASIONS OF BAPLC EVENTS 39

AUDITORS’ REPORT 46

STATEMENT OF FINANCIAL POSITION 47

STATEMENT OF COMPREHENSIVE INCOME 48

STATEMENT OF CASH FLOWS 49



Dated: DhakaNovember 25, 2018

By order of the Executive Committee

NOTICE OF THE 19TH ANNUAL GENERAL MEETINGNotice is hereby given that the 19th Annual General Meeting of the Members of Bangladesh Association of Publicly Listed Compa-nies will be held on Thursday, December 20, 2018 at 4:00 P.M. at Eden Ball Room (Ground Floor), Amari Dhaka, House No. 47, Road No. 41 , Gulshan 2, Dhaka 1212 to transact the following business:

AGENDAORDINARY BUSINESS:

1. To receive, consider and adopt the Annual Report of the Executive Committee of the Association for the year ended June 30, 2018.

2. To receive, consider and adopt the Financial Statements of the Association and the Auditors’ Report thereon for the year ended June 30, 2018.

3. To appoint Auditors for the year 2018-2019 and fix their remuneration.

SPECIAL BUSINESS:

To consider and if thought fit to pass the following resolutions, with or without amendments, as Special Resolutions relating to the -

(a) Change of Accounting Year of the Association clause No. 2 (xiv) (b) Change of the amount of Annual Subscription from the member’s clause No. 7(ii)

Present Clauses of the Articles: To be amended as & substituted by:

2(xiv) Year Shall mean both the calendar year and accounting year commencing on the first day of January and ending on the thirty -first day of December.

Year Shall mean both the fiscal year and accounting year commencing on the first day of July and ending on the thirty day of June.

7(ii) Any Listed Company eligible to become a member and applying for membership shall pay, along with application an Admission fee of Tk.50,000/ - plus the Annual Subscription as follows: Having paid up capital up to Tk. 3 Crore - Tk. 5,000 per year. Having paid up capital up to Tk. 10 Crore - Tk. 15,000 per year. Having paid up capital up to above Tk. 10 Crore -Tk. 30,000 per year. However, members joining during the second half of any calendar year shall be required to pay 50% of the Annual subscription. The Executive Committee may increase or reduce the rate of Admission fee and Annual subscription from time to time in future.

Any Listed Company eligible to become member and applying for membership shall pay, along with application an Admission fee of Tk. 50,000/ - plus the Annual Subscription as follows: Having paid up capital up to Tk. 5 Crore -Tk. 10,000 per year. Having paid up capital up to Tk. 10 Crore -Tk. 30,000 per year. Having paid up capital above Tk. 10 Crore -Tk. 50,000 per year. However, members joining during the second half of any calendar year shall be required to pay 50% of the Annual subscription. The Executive Committee may increase or reduce the rate of Admission fee and Annual subscription from time to time in future.




01. Mr. Samson H. Chowdhury Founder President 1999-2009

02. Mr. Salman F. Rahman President 2010-2011

03. Mr. Tapan Chowdhury President 2012-2015

04. Mr. Muhammed Aziz Khan President 2016-2017

SL Name Designation Period

FORMER PRESIDENTS OF BAPLC

01. Mr. A.K.M. Rafiqul Islam Vice President 2000-2001

02. Mr. Syed Manzur Elahi Vice President 2002-2009

03. Mr. A.K.M. Azizur Rahman Vice President 2010-2011

04. Mr. Mohammed Younus Vice President 2012-2015

SL Name Designation Period

FORMER VICE PRESIDENTS OF BAPLC


Corporate STRUCTURE 2018-2019

Azam J ChowdhuryPresident, BAPLC

Managing DirectorMJL Bangladesh Ltd.

Anis A. KhanVice President, BAPLCManaging Director & CEO

Mutual Trust Bank Ltd.

Monzurur RahmanE.C. Member, BAPLC

ChairmanDelta Lifle Insurance Co. Ltd.

Mubarak AliE.C. Member, BAPLC

Managing DirectorOlympic Industries Ltd.

Manzurul IslamE.C. Member, BAPLC

ChairmanEastern Housing Ltd.

Md. Habibur RahmanE.C. Member, BAPLC

Managing DirectorAl-Arafah Islami Bank Ltd.

Abdullah Al MahmudE.C. Member, BAPLC

Managing DirectorHamid Fabrics Ltd.

Mohammed YounusE.C. Member, BAPLC

Director Shahjalal Islami Bank Ltd.

Ruhul AminE.C. Member, BAPLC

ChairmanBangladesh Industrial Finance Ltd.

Gulam Rabbani ChowdhuryE.C. Member, BAPLC

Managing DirectorBaraka Power Ltd.

Riad MahmudE.C. Member, BAPLC

Managing DirectorNational Polymer Industries Ltd.


Corporate STRUCTURE 2018-2019

Mohammed Sabir Ahmed FCA, FCSE.C. Member, BAPLCExecutive Director & CEOReliance Insurance Ltd.


BAPLC

M. A. RahimE.C. Member, BAPLC

DirectorMatin Spinning Mills Ltd.

Dr. Arif Ahmed ChowdhuryE.C. Member, BAPLC

Managing DirectorFu-Wang Foods Ltd.

Engr. Md. Abu Noman HowladerE.C. Member, BAPLC

Managing DirectorBangladesh Buildig Systems Ltd.

Syed Farhad AhmedE.C. Member, BAPLCManaging Director & CEOAamra Technologies Ltd.

Engr. Syed Ishtiaq AhmedE.C. Member, BAPLC

Managing DirectorSaiham Cotton Mills Ltd.

Shahriar AhmedE.C. Member, BAPLC

DirectorApex Spnning & Knitting Mills Ltd.

Md. Anwar HossainE.C. Member, BAPLC

Chief Executive Officer(CEO)Agrani Insurance Company Ltd.

Q.A.F.M. Serajul IslamE.C. Member, BAPLC

Consultant Pioneer Insurance Co. Ltd.

Md. Zahid Anwar KhanE.C. Member, BAPLC

Chief Executive OfficerCentral Insurance Ltd.


REPORT OF THE EXECUTIVE COMMITTEE TO THE MEMBERSfor the year 2017-2018

Dear Members,It is a great honour and privilege for me to greet you all to this 19th Annual General Meeting of Bangladesh Association of Publicly Listed Com-panies (BAPLC) containing a review of the General Economic and Capital Market Situa-tion, global and domestic, Audited Financial Statements for the year ended June 30, 2018 together with the Report of the Auditors there-on for consideration and necessary policy direc-tion, If any.

An outline of the above captions are depicted

briefly hereunder for consideration of the PLC members’ and the concerned agencies/public.

CAPITAL MARKET DEVELOPMENTS

The performance of the capital market witnessed a mixed trend during Q4FY18, as reflected in price indices, market capitalization, price earnings ratio, and turnover. Although total turnover increased in Q4 after falling sharply in Q3, the movements of price indices and market capitalization were moderated during the quarter under review.

Azam J ChowdhuryPresident



The movements in the indices reflected both domestic and external market developments, including the price corrections in the global equity markets (Chart I.2).

The key indicators of the capital market, the DSE broad index (DSEX) and DSE-30 index witnessed some price fluctuations in Q4FY18.

The DSEX decreased by 3.4 percent and 4.4 percent from March 2018 and June 2017. The DSE- 30 index also decreased by 6.9 percent and 5.9 percent from March 2018 and June 2017 respectively (Chart I.1 and Table 1.1).

The overall price-earnings (PE) ratio of the DSE declined during Q4FY18. The average price earnings ratio edged down to 14.97 in June 2018 from 15.84 at the end of March 2017. Sector-wise PE ratio data show that banking sector's PE score was the lowest while that of the Cement sector was the highest in Q4FY18.

Total turnover and issued capital in the DSE increased in Q4FY18, reflecting improving liquidity conditions. The value of issued equity and debt increased by 3.4 percent and two new companies were listed in the capital market in Q4FY18. Thus the number of listed securities


increased to 351 at the end of Q4FY18. Total turnover value grew by 25.9 percent during Q4FY18 compared to previous quarter (Chart I.1). Market liquidity as measured by Turnover

Velocity Ratio (TVR) increased to 37.7 percent in Q4FY18 from 29.1 percent in Q3FY18.

During Q4FY18, total turnover by foreign and non-resident Bangladeshi remained stable but net investment decreased as some investors locked in their profits. During Q4FY18 the investment by foreign and non-resident Bangla-deshi investors declined to BDT 11.7 billion from BDT 15.2 billion in Q3FY18 while share sales increased to BDT 16.1 billion from BDT 12.7 billion in Q3FY18. As a result, net invest-ment of foreign and non-resident Bangladeshi decreased to BDT -4.5 billion in Q4FY18 as compared to BDT 2.5 billion in Q3FY18.

Cross country data on price earnings (PE) ratios as of June 2018 show that Bangladesh has moderate PE ratio among the South and East Asian countries while dividend yield of

Bangladesh is the highest (Table 1.2). Market capitalization in Bangladesh remains low at around 20 percent of GDP.

DEVELOPMENTS IN THE REAL ECONOMY

During FY18, robust economic activity main-tained its momentum, supported by domestic and external demand. A higher growth in private sector credit together with a surge in remittance inflows helped boost consumption demand. At the same time, aided by favorable financing conditions and fiscal policy, invest-ment demand picked up during this period, as reflected in the growth of investment-related



imports. On the supply side, growth momen-tum relied on the industry and the service sectors. The agriculture sector activities also remained solid, aided by favorable weather, higher crop price, and timely supply of inputs and finance. Real GDP grew by 7.86 percent in FY18, up from 7.28 percent growth in FY17.

The agriculture sector grew by 4.19 percent in FY18, supported by the strong growth in fishing (6.37 percent). Crop and horticulture activities, which account for more than half of the agricul-tural value added, attained a moderate growth (3.06 percent), despite 7.9 percent growth in rice (the main crop in Bangladesh) production, reflecting a scarcity of arable land and productiv-ity of non-rice crops. Among the major non-rice crops, production of maize increased by 10.7 percent, while wheat production dropped by 12.1 percent due mainly to low acreage.

The industry sector, constituting around one-third of gross value-added (GVA) in the economy, grew by around 12.1 percent in FY18, up from 10.2 percent in FY17, led mainly by manufacturing and construction activities. Continued improvement in electricity genera-tion and the rebound in exports due to stron-ger-than-expected demand growth in the US and Euro area helped the manufacturing sector grow faster (13.4 percent). Within the manufac-turing sector, large and medium scale manufac-turing was more active than small scale manu-facturing, as reflected in their growth rates. The growth of the large and medium scale industry was underpinned by the manufacturing of food, leather products, pharmaceuticals, textiles and wearing apparels. The construction sector received a boost from the government's mega projects implementation.



Despite some moderation, the service sector, comprising more than half of GVA, registered a

modest growth of 6.39 percent in FY18. Within the sector, larger growth impulse primarily came from the wholesale and retail trade, trans-port, and financial intermediation. The sub-sec-tors viz. wholesale and retail trade, transport, and financial intermediation grew by 7.45, 6.58

and 7.90 percent in FY18 compared to 7.37, 6.76 and 9.12 percent in FY17, respectively.

PRICE DEVELOPMENTS

Headline CPI (12-month average) inflation edged down in Q4FY18 to 5.78 percent, due to moderating food inflation, after rising gradually since Q4FY17. The decomposition of headline inflation shows that of the 5.78 percent




inflation in June 2018, almost three-fourths of the increase (4.30 percent) came from food inflation and the rest (1.48 percent) from non-food inflation.

CPI inflation (point-to-point) continued its downward trajectory and reached 5.54 percent in Q4FY18. This favorable inflation dynamics reflected food inflation from better harvests. Food inflation eased to 5.98 percent in June 2018, down from 7.09 percent in March 2018

(Chart III.4). However, nonfood inflation crept up to 4.87 percent in Q4FY2018, reflecting strong demand and inflation expectations.

Global commodity prices continued its rising trend in Q4FY18, supported by both supply and demand factors, including strong economic activities in the emerging market and advanced economies (Chart III.5). Accelerating growth lifted demand for the commodities, while some commodities faced supply constraints.


Rising geopolitical tension combined with production cuts increased oil prices.

From a regional perspective, inflation perfor-mance followed a mixed trend in South Asia during Q4FY18. Inflation in Sri Lanka fell to 2.5 percent in Q4FY18 from 2.8 percent in Q3FY18. Inflation in India and Pakistan marginally increased to 4.9 percent and 5.2 percent in Q4FY18 from 4.3 percent and 3.2 percent, respectively in Q3FY18 (Chart III.6).

Looking ahead, a good harvest of food produc-tion may offset some inflation risks from the pass-through effects of global oil and commodi-ty prices. However, rising non-food inflation and inflation expectations may constrain any signifi-cant improvement in the inflation momentum.

MONEY AND CREDIT MARKET DEVELOP-MENTS:

Monetary and credit developments were close to the program path of June 2018 in Q4FY18. Broad money (M2) growth remained modest at 9.2 percent (Y/Y) in June 2018, well below the FY18 monetary program target of 13.3 percent.

Net foreign asset (NFA) growth turned negative (-4.3 percent) in June 2018 driven by a large current account deficit which contributed to the deceleration in M2 growth. Despite a strong private sector credit growth, net domestic asset (NDA) growth (12.8 percent) remained well below the target (17.9 percent) for FY18, underpinned by a negative growth in credit to the public sectors (Chart IV.1).



Private sector credit growth was robust during the first half of FY18 but moderated somewhat in the second half to 16.95 percent (Y/Y) in June 2018 (Chart IV.2), slightly above the FY18 mone-

tary program target of 16.8 percent. Credit growth (y/y) to the industrial, transport and construction sectors rose to 22.6, 24.6, and 21.5 percent, respectively in Q4FY18. Around 40.0 percent of the credit went to industry and 34.5 percent to the trade and commerce sectors in the quarter under review (Chart IV.3).

From a cross-country perspective, private sector credit growth in Bangladesh, one of the higher ones among the peer countries, remain sufficient to support the Government's invest-

ment and growth targets (Chart IV.4). Rising demand for liquidity due to strong private sector credit growth accompanied by the negative growth in NFAs caused some tightening of domestic liquidity conditions at the beginning of Q4FY18. As liquidity condition tightened, BB reduced Cash Reserve Ratio (CRR) by 100 basis




points to 5.5 percent and repo rates by 75 basis points to 6.0 percent with effect from April 2018. Moreover, to ease the liquidity condi-tions, BB increased available repo tenors to 7, 14 and 28 days. Under the term repos, banks can now borrow from BB for longer period through auction process by bidding at rates higher than 6.0 percent. This will give banks and financial institutions a scope to recalibrate their liquidity positions in case of adverse condi-tions. BB’s policy measures led to improve-

ments in liquidity conditions as reflected in the call money rate which came down from 4.40 percent in March to 3.41 percent in June 2018.

Improving liquidity conditions, in the aftermath of the policy actions in April, are also evidenced by an increase in excess liquidity from BDT 768.9 billion in March to BDT 974.7 billion in June 2018 (Chart IV.4).

Although liquidity conditions improved in June


2018, the weighted average deposit and lending rates rose modestly to 5.50 percent and 9.95 percent in June 2018, reflecting a rising credit demand which led to a strong com-petition among some banks for deposit mobili-zation, given the high risk-free NSCs (National Savings Certificates) rates. A higher increase in deposit rates than that of the lending rates mod-erated the spread by 27 basis points in Q4FY18 (Chart IV.5). Public sector credit growth remained negative in FY18 as the Government primarily borrowed through NSCs (Chart IV.6).

The yields on T-bills picked up at the end of Q4FY18 compared to Q3FY18. The yield on 91-day, 182-day and 364-day T-bill were 3.67, 4.20 and 4.27 respectively at the end of June 2018, compared to 3.65, 4.11 and 4.37 at the end of June 2017. Again, the yields on BGTBs with maturities of 2-year, 15-year declined to 4.71 and 7.99 but 5-year, 10-year and 20-year rose to 5.98, 7.41 and 8.82 respectively (Chart IV.8 and IV.9). The yield curve movements reflect-

ed tighter liquidity demand on the shorter end and a limited supply of the long-maturity bonds.

FISCAL DEVELOPMENTS

Overall fiscal performance remained relatively expansionary in Q4FY18. The higher pace of expenditure growth (33.9 percent) over revenue collection (26.1 percent) supported a wider fiscal deficit during Q4FY18. The fiscal deficit increased by 48.3 percent to BDT 457.0 billion in Q4. More than two-thirds of deficit was met from domestic sources and rest of the

amount from foreign sources during quarter under review. In FY18, budget deficit as percent of GDP stood at 3.9 percent, below the revised budget target of 4.8 percent.

Total revenue collection accelerated to 26.1 percent (3.2 percent of GDP) in Q4FY18 from Q4FY17. NBR tax revenue collection rose 29.0 percent to BDT 637.9 billion in Q4FY18 over Q4FY17. With regards to the NBR revenue collection, value added tax (25.6 percent),



customs duties (11.5 percent), and income tax (38.6 percent) were the main drivers. During FY18, total revenue collection amounted to BDT 2435.2 billion (10.9 percent of GDP), below the target of revised budget (11.6 percent of GDP) but above the FY17 perfor-mance (10.5 percent of GDP).

The fiscal spending expanded sharply in Q4FY18 due to the higher growth in ADP expen-diture along with moderate current expendi-ture. The overall expenditure surged by 33.9 percent to BDT 1167.9 billion during Q4FY18. Of the total expenditure, ADP expenditure rose by 43.3 percent to BDT 762.5 billion and current spending by 23.6 percent to BDT 327.4 billion. In FY18, total fiscal spending amounted to BDT 3310.4 billion (14.8 percent of GDP), below the revised budget target for FY18 (16.6 percent of GDP).

The quarterly fiscal deficit rose 48.3 percent to BDT 457.0 billion in Q4FY18, the highest in the last three quarters, owing to a faster growth in overall expenditure compared to moderate growth in revenue collection. Besides, quarter-ly expenditure generally picks up in the fourth quarter. In FY18, budget deficit reached 3.9 percent of GDP, slightly below the yearly revised target of 4.8 percent of GDP.

Deficit financing mostly relied on non-bank and foreign financing during the first three quarters of FY18. Bank financing moved into a positive territory in Q4FY18 from negative positions in the previous three quarters of FY18 (Chart V.3). Of the total deficit financing, BDT 299.1 billion was met from domestic sources (1.3 percent of GDP) including BDT 201.3 billion from banks in Q4FY18, up 32.7 percent from the level of Q4FY17. In Q4FY18, the non-bank financing

declined 37.3 percent to BDT 97.8 billion from the level of Q4FY17. The foreign financing amounted to BTD 157.90 billion, about 90.8 percent higher from the level of Q4FY17.

EXTERNAL DEVELOPMENTS

Current account deficit widened and reached 3.3 percent of GDP in FY18, up from almost 1 percent in FY17 due to a widening trade deficit, driven by strong import growth (over 25 percent), despite a moderating effect from a strong growth in remittance inflows (17.9 percent). However, export growth picked up and import growth slightly moderated toward the end of FY18. Relative to some of the peer economies, the current account deficit in Bangladesh appear to be sizeable, although productive investments and favorable financing minimized external stability risks.

Trade deficit widened in Q4FY18 from Q3FY18 due to higher import growth compared to lower export growth. As mentioned earlier, throughout the four quarters of FY18, import growth was strong and reached 25.2 percent in FY18, up 11 percent in FY17. Export growth picked up to around 6 percent in FY18, up from 1.7 percent a year ago. However, import decomposition data show capital goods and export-related intermediate goods and one-off food import contributed to the sharp pick-up.



In FY18, capital and financial inflows rose by 102 percent from a year ago, partly reflecting the lumpy nature of such flows. Higher foreign direct investment (FDI) and other investment including medium and long-term (MLT) explained the movements in capital and finan-cial account during FY18. About 86 percent of current account balance deficit was financed by capital and financial account surplus.

Remittance growth (y/y) remained robust in

Q4FY18, at 17.9 percent, reflecting a conflu-ence of factors, including higher oil prices, some depreciation of BDT, and the policy measures to facilitate the inflows through the formal channels. By June 2018, inflows from the Middle Eastern economies contributed around 49 percent of the total remittance. Remittance inflows from the Euro area also maintained its positive growth during the quar-ter under review.

With large amount import payments, exchange rate dynamics reflected some market forces, supported by foreign exchange market interven-tion avoiding excessive volatility in Q4FY18. As a result, foreign exchange reserve coverage moderated to around 5-6 months of imports. Given the recent movements in Taka against US Dollar and the shifts in major currencies, NEER and REER depreciated by 4.5 percent and 1.9 percent respectively in FY18 as compared to FY17. Moreover, nominal depreciation (around 4 percent) of Taka vis-a-vis USD was at a moder-ate level in FY18, relative to the peer economies.



Looking ahead, strong economic activities in some of the Middle Eastern economies and the Government's efforts to reduce the cost of remittance are expected to support remittance inflows, moderating current account deficit and boosting domestic demand and growth. Stron-ger global growth momentum can support Bangladesh's export although trade-related conflicts have clouded the short to medium term outlook. Import payments are expected to moderate as food and other one-off imports taper off over the coming quarters.

IPO AND LISTING SCENARIO

In any stock market, especially in the emerging market, adequate supply of IPOs and listing is foremost thing for the development of that stock market. Since in the emerging or develop-ing markets, demand for shares grows rapidly over time. Accordingly, if we cannot ensure the supply of adequate amount of shares in the market, obviously the market will go boom irrationally which happened in our stock

market. Finally, this situation gets the market in the deep of the sea and make so tough for the regulatory bodies to pull the market up. A total of 10 companies floated IPOs and 10 Securities have been listed on the country’s from July’17 to June’18. (Table 1.3 & 1.4)




Sl. No. Name of the Issues

Subscription

Public Offer

Tk. in mn

Over Subs.

Tk. in mn

Opening Closing

01 Aamra Networks Ltd. 06.08.17 16.08.17 530.41

562.50

3,811.76

-

02 ICB AMCL First Agrani Bank MF 01.08.17 10.08.17 981.51

500.00

482.14

-

03 Oimex Electrode Ltd. 05.09.17 13.09.17 458.92

150.00

6,219.91

-

04 Nahee Aluminum Composite Panel Ltd. 24.09.17 03.10.17

480.00

150.00

5,614.93

-

05 Queen South Textile 07.01.18 15.01.18 1,001.50

150.00

6,366.67

43.44

06 Advent Pharma 11.02.18 19.02.18 686.00

200.00

6,835.89

35.18

07 Intraco Refueling Station 18.03.18 27.03.18 750.00

300.00

7,363.79

25.55

08 Basundhara Paper 30.04.18 09.05.18 1,737.91

2,000.00

6,084.66

9.11

09 SK Trims & Industries 14.05.18 22.05.18 700.00

300.00

6,240.38

21.80

10 Aman Cotton Fibrous 03.06.18 10.06.18 1,008.33

800.00

3,192.48

11.64

Total 8,334.58 5,112.50 52,212.61

Issued CapTk. in mn

Table 1.3 Initial Public Offerings (IPOs of Listed Companies) July'17 to June'18

Over Times

S. N. Name of Companies Listing

Date Trading

Date

1st Trading

Day (C.Price)

Issued Cap.

Tk. mn

Public Offer

Tk. mn

Sponsor Tk. mn

Public Subs

Tk. mn

01 BBS Cables Ltd. 18.07.17 31.07.17 90.30

1,200.00

200.00

1,000.00

9,607.69

02 Aamra Networks Ltd. 14.09.17 02.10.17 138.40

530.41

562.50

380.00

3,811.76

03 ICB AMCL First Agrani Bank MF 18.09.17 08.10.17

8.90

981.51

500.00

500.00

482.14

04 Oimex Electrode Ltd. 22.10.17 06.11.17 114.20

458.92

150.00

308.92

621,991.00

05 Nahee Aluminum Composite Panel Ltd. 13.11.17 24.12.17

81.60

480.00

150.00

330.00

5,614.93

06 Alif Industries Ltd. From OTC 28.12.17

143.00

300.78 -

-

-

07 CAPM IBBL Islamic M.F 26.01.18 05.03.18 668.54

300.00

168.54

08 Quee n South Textile 19.02.18 13.03.18 1,001.50

150.00

6,516.67

09 Advent Pharma 01.04.18 12.04.18 686.00

200.00

7,035.89

10 Intraco Refueling Station 26.04.18 17.05.18 750.00

300.00

7,663.79

Table 1.4 Details of Newly Listed Securities : July'17 to June'18

Total 7,057.66 2,512.50 2,518.92 662,892.41


SECTOR-WISE TURNOVER PERFORMANCE

In the first six months of 2018 Manufacturing industry has dominated the DSE total turnover with 53.00 percent out of which Engineering is followed by 14.67 percent and Pharmaceuticals & Chemicals is 13.48 percent. The other sectors also had significant contribution to the DSE turnover during this time. Parenthetically, the Financial Sector has 21.84 percent, Miscel-laneous & Services has 25.15 percent and

Corporate Bond is 0.01 percent of the total turnover of DSE, some single sectors including the Engineering Sector (14.67 percent), Bank-ing Sector (14.36 percent), Pharmaceuticals Sector (13.48 percent), Textile (12.87 percent), Fuel & Power Sector (8.86 percent), Miscella-neous (6.81 percent), Food & Allied (4.86 percent), and Financial Institutions (4.52 percent) had very momentous contribution to the DSE turnover (Table 1.5).


Jan-June 2018 Jan-June 2017

Sector Total Turnover in mn Total Turnover in mn

Volume Value % of

Turnover

Volume Value % of Turnover

Financial Sector

Manufacturing

3,193.77 79,374.78 14.36 8,298.15 180,965.07 15.99 Banks

Financial Institutions 836.06 24,979.59 4.52 3,567.54 124,202.57 10.98

Insurance 362.68 16,352.06 2.96 621.27 18,686.22 1.65

Engineering 1,460.34 81,063.16 14.67 2,921.00 155,263.03 13.72

Food & Allied Product 525.43 26,881.08 4.86 559.19 29,410.38 2.60

Jute 10.29 3,328.21 0.60 6.09 1,610.69 0.14

2,915.88 71,099.03 12.87 6,418.50 146,695.62 12.97 Textile

Pharmaceuticals & Chemicals 1,204.73 74,523.63 13.48 3,025.53 146,413.90 12.94

29.29 499.77 0.09 49.19 1,483.39 0.13 Paper & Printing

Cement 128.06 10,202.55 1.85 268.04 25,767.50 2.28

Tannery 207.32 11,294.28 2.04 134.16 10,098.51 0.89

Ceramics 200.16 14,001.23 2.53 301.14 11,312.43 1.00

Table 1.5 Sector-wise Turnover Performance



Miscellaneous & Service

Mutual Funds 843.49 7,096.08

1.28 2,798.07

22,292.82 1.97

Fuel & Power 627.19 48,947.40

8.86 1,660.43

118,523.46 10.48

Services & Real Estate 116.70 4,137.43

0.75 460.49

23,385.84 2.07

IT-Sector 318.35 12,003.23

2.17 756.36

23,419.74 2.07

Telecommunication 52.67 21,652.76

3.92 59.04

13,880.35 1.23

Travel and Leisure 236.71 7,557.93

1.37 532.96

13,887.46 1.23

Miscellaneous 939.24 37,610.21

6.81 1,609.78

63,818.56 5.64

Bond

Corporate Bond 0.05 44.14

0.01 0.28

276.24 0.02

Total : 14,208.41 552,648.55

100.00 34,047.21

1,131,393.78 100.00



OVER ALL PRICE MOVEMENT: INDICES

An index represents the performance of the stock market of a nation reflecting investors’ sentiment on the state of its economy. In the first six months of 2018, most of the securities in the DSE main bourse have shown mixed momentum. The benchmark DSE Board Index (DSEX) closed at 5,406.46 on the last trading day of the half of year 2018 whereas it begins at 6,254.41 on January 01, 2018.

The DSEX hits a high of 6,318.27 on 03 Janu-ary 2018 and a low of 5,313.71 on 04 June,

2018 during the first six months of 2018.

The DSEX 30 Index that encompasses the blue-chip shares clocked at its highest point at 2,304.69 on 25 January, 2018 and the lowest was recorded at 1,941.87 on 18 June, 2018.

The DSEX Shariah Index (SEES) closed at 1,263.79 on June 28, 2018 while it begins in this current year at 1,391.42 on January 1, 2018. The DSES hits a high of 1,433.17 on 23 January, 2018 and a low of 1,228.18 on 03 June 2018 during the first six months of 2018 (Table 1.6).

Months

DSE BROAD INDEX (DSEX) DSE-30 INDEX (DS 30) DSE SHARIAH INDEX (DSES) Closing Index

Month High

Month Low

Closing Index

Month High

Month Low

Closing Index

Month High

Month Low

Jul-17 5,860.65 5,860.65 5,654.62 2,143.51 2,143.51 2,078.76 1,315.20 1,327.41 1,297.51

Aug-17 6,006.43 6,006.43 5,819.27 2,138.73 2,138.73 2,097.86 1,322.10 1,322.10 1,301.04

Sept-17

6,092.84

6,240.57

6,038.38

2,877.62

2,226.62 2,145.01

1,345.86

1,391.59

1,328.96

Oct-17 60.19.59

6,205.50

5,968.02

2,868.03

2,215.15 2,156.64

1,316.25

1,354.65

1,305.95

Nov-17

6,306.86

6,336.88

6,072.33

2,270.14

2,290.35 2,188.99

1,381.51

1,394.26

1,321.54

Dec-17

6,244.52

6,296.20

6,159.31

2,283.23

2,283.23 2,231.05

1,390.67

1,390.89

1,364.87

Jan-18

6,039.78

6,318.27 6039.78

2,238.95

2,304.69 2,224.87

1,398.48

1,433.17

1,376.39

Feb-18

5,804.94

6,102.31 5774.57

2,146.38

2,255.83 2,127.10

1,361.05

1,412.41

1,348.69

Mar -18

5,597.44

5,883.39

5,488.87

2,106.02

2,172.41 2,055.36

1,314.65

1,375.11

1,297.31

Apr-18

5,739.23

5,879.42

5,739.23

2,143.55

2,207.61 2,143.55

1,324.95

1,365.59

1,324.95

May -18

5,343.88

5,698.69

5,343.88

1,975.00

2,128.32 1,975.00

1,238.31

1,319.72

1,238.31

Jun-18

5,405.46

5,522.00

5,313.71

1,959.95

2,010.42 1,941.87

1,263.79

1,278.88

1,228.18

Table 1.6 Over all Price Movement : Indices-2017-2018



MARKET CAPITALISATION AT DSE 2017 VS 2018

Market Capitalization is sum of the market value of all listed securities’ outstanding shares. It is an indicator of the size of a capital market. In comparison to developed stock markets, the Market Capitalization of our market is very small. But our stock market is growing day by day. As on 28 June, 2018 our Market Capitaliza-

tion stood at Tk. 3,847.35 billion against Tk. 3,801.00 billion of 29 June 2017 registering 1.22% increase. Stock market is the heart of any developed country. It significantly contribut-ed to the national GDP of the country. However, our stock market (in terms of Market Capitaliza-tion) is contributing 17.19% to our total GDP as on 28 June 2018 (Table 1.7).

Sector

Market Capitalisation

in mn (June-18)

% of Total Market Cap.

Market Capitalisation

in mn (June-17)

% of Total Market Cap.

Banks 566,934.62 17.37 560,588.38 17.31

Financial Institution 210,151.75 6.44 233,797.63 7.22

Insurance 85,592.57 2.62 86,489.60 2.67

Food & Allied Prodct 276,142.15 8.46 247,194.42 7.63

Pharmaceuticals & Chemicals 522,117.60 16.00 501,852.83 15.49

Textile 116,581.81 3.57 126,340.68 3.90

Engineer ing 190,590.29 5.84 190,624.16 5.88

Ceramic 29,884.48 0.92 26,212.99 0.81

Tannery 26,509.00 0.81 27,434.30 0.85

Paper & Printing 2,156.78 0.07 1,925.70 0.06

Jute 1,945.51 0.06 1,546.90 0.05

Cement 117,546.67 3.60 131,445.60 4.06

Mutual Funds 40,809.35 1.25 42,500.66 1.31

Fuel & Power 397,528.45 12.18 404,869.86 12.50

Service & Real estate 19,121.81 0.59 25,331.20 0.78

IT-Sector 15,243.82 0.47 13,593.94 0.42

Telecommunication 542,100.46 16.61 484,848.48 14.97

Travel and Leisure 21,829.10 0.67 24,976.95 0.77

Miscellaneous 77,445.73 2.37 101,933.46 3.15

Corporate Bond 2,886.00 0.09 5,905.66 0.18

Total 3,263,117.95 100.00 3,239,413.40 100.00

Table 1.7 Market Capitalisation June 2017 & June 2018



SECTOR

MARKET CATEGORY June - 2018 June - 2017

A B Z N TOTAL A B Z N TOTAL

Banks 28 - 2 - 30 29 - 1 - 30

Financial Institutions 15 2 6 - 23 15 3 5 - 23

Mutual Funds 37 - - - 37 35 - - - 35

Engineering 28 4 4 - 36 26 2 5 - 33

Food & Allied Products 9 1 8 - 18 10 1 7 - 18

Fuel & Power 16 1 1 1 19 17 - 1 - 18

Jute 2 - 1 - 3 1 1 1 - 3

Textile 35 5 9 1 50 34 3 8 3 48

Pharmaceuticals & Chemicals 24 2 2 1 29 24 2 2 - 28

Paper & Printing - - 2 - 2 - 1 1 - 2

Service & Real Estate 4 - - - 4 4 - - - 4

Cement 6 - 1 - 7 7 - - - 7

IT-Sector 7 - 1 - 8 6 - 1 - 7

Tannery 5 - 1 - 6 3 - 2 1 6

Ceramic 3 - 2 - 5 3 1 1 - 5 Insurance

42 2 3 - 47

38 2 6 1 47

Telecommunication 2 - - - 2 2 - - - 2

Travel and Leisure 1 1 2 - 4 2 - 2 - 4 Miscellaneous

10 1 1 - 12 8 1 2 1 12 Total 274 19 46 3 342 264 17 45 6 332

%

80 6

13 1 100 80 5

14 2 100

Table 1.8 Sector wise Market Category of Listed Companies


BAPLC MEMBERSHIP

As per Regulation No. 46 of the DSE & CSE Listing Regulations 2015:

“The issuer of listed securities shall submit a copy of membership certificate of Bangladesh Association of Publicly Listed Companies

(BAPLC) to the Exchange: Provided that the issuer shall also submit such certificate with renewal thereof to the Exchange in every year along with the Annual Report.”

The membership drive continued with greater intensity which helped increase the member-ship from 302 to 306 as at October, 2018.


CATEGORIES OF LISTED COMPANIES (SECTOR-WISE)

NO. OF COMPANIES LISTED WITH DSE AS AT 30.06.2018

BAPLC MEMBER REMAINDER SECTOR-WISE % OF

BAPLC MEMBERSHIP

Banks 30 30 - 100

Financial Institutions 23 23 - 100

Mutual Funds 37 - -

Engineering 36 33 3 92

Food & Allied Products 18 17 1 94

Fuel & Power 19 16 3 84

Jute 3 3 - 100

Textile 50 45 5 90

Pharmaceuticals & Chemicals 29 28 1 97

Paper & Printing 2 2 - 100

Service & Real Estate 4 4 - 100

Cement 7 6 1 86

IT-Sector 8 8 - 100

Tannery 6 5 1 83

Ceramic 5 5 - 100

Insurance 47 47 - 100

Telecommunication 2 2 - 100

Travel and Leisure 4 4 - 100

Miscellaneous 12 11 1 92

BAPLC Member those are in OTC Market 7 -

BAPLC member but not shown as listed companies in DSE Review June 2018 10 - -

Total 342 306 16

Table 1.9 Sectoral Position of BAPLC Membership


CAPITAL MARKET OF BANGLADESH: AN OVERVIEW

1. ROLE OF CAPITAL MARKET IN THE ECONOMY OF BANGLADESH

GDP of Bangladesh is growing at an average of 6% throughout the last decade but it broke the 7% barrier in the FY 15-16 and now it is grow-ing at a rate of 7.8%. Meanwhile, World Economic Forum (WEF) termed Bangladesh as the new “Asian Tiger”. PwC projected in its report “The long view: how will the global economic order change by 2050?” on February 2017 that Bangladesh, Vietnam and India to be three of the world’s fastest growing economies over this period.

A vibrant capital market supports an expanding robust economy. The developing countries consider capital market as an engine of future growth through mobilization of surplus funds. It aids transfer of re-sources from savers to investors and acts as medium for channeling funds from investors to borrowers. It is an engine for raising capital to accelerate industri-alization and the process of privatization. Besides, capital market also provides a market system for purchase and sale of listed securi-ties and thereby ensures liquidity. Although a company initially rely on the term loans from banks to grow their businesses, in the matured phases the company should rely on the capital market for financing its BMRE or expansion projects either in terms of bond or stock. As on April 30, 2018 total domestic credit (private sector and public sector) stood at BDT 972,474 cr while market capitalization of DSE stood at BDT 400,629 cr less than half of total domestic credit which apparently shows that there remains lots of scope for borrowers to rely on capital market instead of banks. As we gradu-

ate from Least Developed Country (LDC) to middle income country, we need to depend more on capital market rather than on bank borrowing as a source of long term financing. In socio-economic perspective, around one crore people are indirectly depended upon the income from capital market as 2.6 million bene-ficiary account owners are involved in this market. A stable, strong and vibrant capital market is thereby a necessity for the economic stability of the country.

2. THE CRASH OF 1996 AND 2010:

The capital market of Bangladesh was in the doldrums following two major crashes, first in 1996 and then in 2010. Both the crashes were characterized by fast escalating stock prices followed by abruptly plummeting index. This had disastrous effect on small investors who constitute the majority of stock investors. Consequently, they were left with no money to invest further and had to abstain from partici-pating in the capital market. During the 1996 market bubble the General Price Index (DGEN), increased by 139.3% during 1991-1995. Then the DSE suffered the biggest crash in its history on December 1996, as the DSE General Index nosedived by 551 points in a single day. Once the market went into correction and euphoria of the stock market bubble busted, the market lost over 2,982 points in the following one year, and over the next five years from 1998 to 2003 the index never crossed the 800 mark.

The year 2010 was another great year for the investors of Bangladesh, as the stock market experienced another record-breaking year. The bourses recorded the largest recorded daily transaction of DSE, crossing BDT 30 billion. Average Daily Turnover increased from BDT




121.9 mn in 2002 to BDT 16,434 mn in 2010 implying an astounding 13,381% growth. The market capitalization was at BDT 3508.01 bn in 2010. Furthermore, the GDP/Market Capitaliza-tion ratio increased to 50.8% in 2010 from 5.18% in 2005. However, like the bubble of 1996 this couldn’t last long either, as the market fell to 3,468 points by May 2013 from 8,290 points in December 2010. After that market slowly got stability as equity valuation became lucrative for the foreign investors.

The aftermath of the debacle of 1996 and 2010 in the stock market was painful and pathetic for all the stakeholders as investors’ confidence was shattered. If investors are not rewarded for taking higher risks by investing in the stock market or if excess volatility weakens inves-

tor's confidence, they will not invest their savings in the market. Most of the retail inves-tors went through nightmare experiences after the market crashes and that inevitable kept them shy from investing in the capital market for a long time.

3. CURRENT MARKET SCENARIO

Our stock market passed a boon year in 2017 as market gained 24.0% during the year. How-ever, market lost its momentum in the year 2018 due to tightening of liquidity, pressure in the current account balance and balance of payment and uncertainty prevailing in the politi-cal arena before upcoming 11th national election. Accordingly, foreign investors withdrew their fund especially from the month of April, May and June during this year.

If we look back to 2005, the primary bourse index climbed steadily from 1843 in 2005 to 2554 in 2008, before climbing 6000 to 8602 in the space of just next two years. Like the sharp rise, the index saw a sharp fall to 5000 in the next three years. For the next five years till 2017, the index hovered between 4000 and 5000 points.

Between the year 2013 and 2016 average daily Turnover of the primary bourse index DSEX fluctuated between BDT 400 cr. and BDT 500 cr. mark. However, 2017, the last financial year, saw an unusual spike in the trade volume as the index recorded an Average Daily Turnover of BDT 875 cr. In 2018, the market once again reverted to the turnover over the prior years, as the Year-to-Date average daily turnover was recorded at BDT 517 cr.

Tk in cr.


The market capitalization to GDP ratio figures out portion of market cap as percentage of GDP. Our capital market is occupied by only a small fraction of the gross domestic product (GDP), i.e. a little over 14 percent and is mostly dominated by equity market comprising fixed income government bonds. India leads the market in the South Asian region with a 77.4 percent share of its GDP followed by Pakistan and Sri Lanka with 25.4 per cent and 20.3 per cent of GDP respectively. But Bangladesh is yet to develop this market and hence, it is a long way behind its close neighbors in stimulating the capital market. There are large MNCs, RMG Companies which are not yet listed on stock

market. Even though government and other stakeholders including BSEC, BAPLC and investment banks are persuading these compa-nies to get listed in the bourse, still the issuers show apathy to get listed in the exchange.

Incentives given by the Government in the Budget FY18-19 to stock market:

Reduction of corporate tax of listed companies i.e. reducing income tax of banks, insurance compa-nies and non- bank financial institutions by 2.5 percent from the existing 42.5 percent to 40.0 percent. Simultaneously, corporate tax on income of publicly listed companies has been cut down by 2.5 percent from 27.5 percent to 25.0 percent.


The price earnings ratio (P/E) of 15.17 of DSEX is quite similar to those of its neighboring countries. One of the most vibrant markets of the region, the SENSEX of India has a P/ E of 22.91, this shows that contrary to the wide spread belief, the Bangladeshi capital market is not really over-priced. With dividend yield of 3.59% in Bangladesh against 1.2% and 1.25% in India and Sri Lanka respectively, listed equities offer lucrative dividend compared to that of the listed equities of peer countries.DSE Monthly Review, June 2018

Source: DSE Monthly Review, June 2018


Currently the total asset under management for mutual funds is BDT 117 bn. Of those, BDT 54 bn. or 46% are close ended fund and BDT 63 bn. or 54% are open ended fund. Although there are 36 close ended mutual funds at pres-ent they only have a market capitalization of 1%. However, recently many asset manage-

ment companies have acquired license from BSEC, so this could see a surge in more mutual funds coming to market and a rise in their market capitalization. It is to be mentioned here-with that total 36 asset management compa-nies operate in the capital market.


Market Capitalization of the Bangladeshi stock market has been increasing steadily over the past five years, from BDT 2,403 bn. in 2012 to 3,412 bn in 2016, before peaking to 4,228 bn in 2017. However, due to the decline in market in the first seven months of 2018, the market capitalization fell to BDT 3861 bn, in 2018.

(Source: PBIL Research)

Securities listed in DSE (as on June,2018) Number

Total Listed Securities 572

Compani es 305

Mutual Funds 36

Debentures & T Bond 229

Corporate Bond 1




4. MAJOR REFORMATIONS MADE BY THE REGULATORS AND THE GOVERNMENT

Introducing of Financial Literacy Program

Honorable Prime Minister Sheikh Hasina inaugurated Nationwide Financial Literacy program which will have a far- reaching impact for the capital market on January 8, 2017. It’s a five-year long plan, which aims to educate people of all classes from existing investors to employees of stakeholders, from university students to middle income groups and finally from home makers to general public on the basic principles of investment in the capital market.

The Chinese Consortium as the Strategic Investors of DSE

After enactment of The Exchanges Demutualiza-tion Act 2013, it was necessary to have a strate-gic partner for the Dhaka Stock Exchange. The

Chinese Consortium (Shanghai Stock Exchange and Shenzhen Stock Exchange) acquired 25% stake of DSE at a cost of 21 Tk. per share totaling BDT 9,470 million and became strategic partner of DSE on May 14, 2018. Shanghai Stock Exchange (SSE) and Shenzhen Stock Exchange (SZSE) are the 4th and 8th largest stock exchanges of the world respectively in terms of market capitalization. In addition, the strategic partners will offer technical assistance worth of $37.11 million. They will also try to bring foreign investors into the DSE by drawing into China's pool of 11,000 qualified institutional investors. Moreover, the Chinese consortium will assist the DSE in developing index-based products, bonds, asset-backed securities and derivatives to diver-sify products in the DSE. To sum up, technologi-cal up gradation, transparency, diversification and introduction of products will strengthen DSE to cope up with the challenges and


Although foreign turnover increased over four folds over the past five years, the percentage of foreign trade also improved during the period. On the other hand, net foreign investments took major leaps over the past couple of years, crossing BDT 1000 cr. and BDT 1500 cr. in 2016 and in 2017 respectively before becoming nega-tive for the first time in the last three years.




opportunities in its next stage of growth and attract both foreign and local investors in the stock market. We are hopeful about the future prospect of capital market, as operation of the DSE would reach international standard in view of the strategic partnership.

IOSCO upgrades Bangladesh Securities Exchange Commission to A category

Bangladesh Securities Exchange Commission (BSEC) was recognized A category member by International Organization of Securities Com-missions (IOSCO) on December 22, 2013. It is an achievement of great pride for BSEC as IOSCO has members from over 100 countries and regulates more than 90% of the world’s securities markets.

Modernization of process of being listed in Exchanges

There are two generic ways to get listed in the stock exchanges, through the Initial Public Offer (IPO) or by offloading of Shares of Government owned companies and then become listed under Dhaka Stock Exchange through Direct Listing Regulations, 2006. IPO can be pursued through fixed price method or book building method. Accordingly, book build-ing method was introduced in 2010. The book building method is the process by which an underwriter attempts to determine at what price to offer an IPO based on demand from institutional investors. Due to the market crash in 2011, the method was suspended for that year following allegations of misuse of the process. However, after about two years, the method was resumed in a modified form in 2014. Only six companies got listed in the Dhaka Stock Exchange (DSE) under this method up to July 2018. The method includes

a number of complex steps, which usually takes around several months. Looking at the latest statistics, it is evident that all IPOs under this method have taken almost a year or longer to complete the whole process. Due to the com-plexity and lengthiness of the process, very few companies choose this method to enter into the capital market.

Introducing the Financial Reporting Coun-cil (FRC) Act

On September 6, 2015 Govt. has passed the Financial Reporting Act-2015. Under is Act the Financial Reporting Council (FRC) is full respon-sible to monitor the functions of auditors, confirm transparency and accountability in auditing, moreover it helps promoting confi-dence in corporate reporting and good corpo-rate governance. In Addition, FRC also playing a vital role for restoring public confidence in the capital market through implementation of Financial Reporting ACT-2015.

Formation of separate subsidiary compa-nies of financial institutions

Bangladesh Bank in a circular issued in October 14, 2009 has directed banks to form separate subsidiaries to operate any merchant banking to protect the interest of the depositors. Also, the subsidiary company will not be allowed to purchase in its own portfolio or in customer accounts any share of a listed company where the directors of the subsidiary or its parent com-pany or their family members are involved.

5. CHALLENGES THAT OUR CAPITAL MARKET FACES:

Absence of a vibrant bond market

Bond market is still in its infancy in Bangladesh and is virtually non-existent. Apart from IBBL



Perpetual Bond (only tradable debt securities in the market) eight debentures and 221 treasury bonds are listed in the market. The absence of a vibrant bond market is putting pressure on the country's financial sector as the business community largely depends on banks to get their requisite financing. The weak bond market has also affected the banks' financial opera-tions as it means heavy dependence on common depositors for funds.

Foreign participation in the market

Despite having favorable economic factors and a positive market outlook, foreign participation in equity market is very low compared to other emerging market. Weak corporate governance, less transparent market structure, low level of

financial disclosure and a lack of research remain as bottlenecks. Bangladeshi corporate houses are yet to grow a culture of investor meetings. While allowing foreigners, local institutions should also build capacity for better investment advice. It is encouraging to observe that in recent years, some companies started

earnings disclosure session for the analysts and investor’s community. This culture of disclo-sure of earnings would pave the way for having an efficient and transparent market.

Dearth of quality stocks with strong corpo-rate governance

The number of companies with sound funda-mentals having strong corporate governance is very low. Most of the large conglomerate com-panies shy away from raising capital from IPO due to various reasons. In the coming years, IPOs have a high chance of gradually declining if the large companies don’t list in line with market capital’s growth. Companies used to enter the stock market because they preferred equity over debt.

6. WHY LESS COMPANIES ARE LISTED IN THE STOCK EXCHANGE

In 2010, the Bangladesh Securities Exchange and Commission gave an order that if the paid-up capital of a private company exceeds Tk. 40 crore, the company will have to convert itself into a public limited company.


IPO Size (Tk in cr) No of IPO


If the paid-up capital of a company exceeds Tk. 50 crore, the company will have to apply for an IPO and subsequently be listed in the exchang-es. There are lots of companies with paid up capital of above 50 cr are reluctant to be listed in the stock market.

The biggest and most successful entrepre-neurs often do not want to come to the capital market. Firstly, private company owners, especially first-generation entre-preneurs, do not want to go beyond family ownership. Secondly, entrepreneurs do not see any incentive in listing their companies. They feel that the existing corporate tax facilities and in many cases the pricing methods are not suitable enough for them to come to the market.

In our neighboring country, India, IPO approval process by their securities and exchange commission takes maximum 60-70 days. In our country, we require more than one year to get approval under Book-Building method. So, entrepreneurs find it very difficult to make any plan with the IPO funds.

Absence of corporate governance in the non-listed companies require significant changes before getting listed in the stock market.

Large foreign companies are reluctant to get listed in Bangladeshi stock market due to absence of market efficiency and depth.

Many big companies want to avoid legal bindings and are reluctant to disclose their business and financial information to public.

Lack of Manpower in regulatory end to

process the procedures of IPO approval.

Tax incentives for listed company is insignifi-cant to attract profitable companies in order to get listed. The tax differentials between listed and non-listed banks, NBFI, Insur-ance and other manufacturing companies except telecom and tobacco are only 2.5%.

7. WINDOW OF OPPORTUNITY IN OUR CAPI-TAL MARKET

In order to have a sustainable business arena for capital market intermediaries, alternative sources of revenue generation need to be sorted out. Here are some of the recommenda-tions for the greater interest of capital market and investment banks:

i) Active Secondary Bond Market

Although Bangladesh has standard equity market, the secondary bond market is almost non-existent, as there is only one bond current-ly being traded. Both institutional and retail investors can shift their fund into bond market whenever they perceive that equity market is overvalued. For the development of the bond market, the investors need to be educated on the functionality of the bond market and risk and return aspect of the Bond. The regulatory authorities would need to take strict actions against companies which doesn’t follow the guidelines, so that investors feel safe about loaning their money to the companies. Road shows or campaigns can be arranged to reduce knowledge gap in bond market.

ii) Diversification of Asset Class

Our market has a room for a lot of improve-ments such as a range of asset classes can be introduced in this market-Derivatives, ETFs,



Index Funds and many more. A derivative is an instrument whose value is derived from the value of one or more underlying, which can be commodities, precious metals, currency, bonds, stocks, stocks indices. Whereas an index fund is a type of mutual fund with a portfolio constructed to match or track the com-ponents of a market index. If we look towards our neighboring country India, majority of transaction occurred in the derivative market. All of these instruments would help the market becoming more efficient.

iii) Commodity Market

Bangladesh is an agricultural based country, so the setting up of a commodities market would have a profound effect on the prices of agricul-tural products and other commercially marketed products. A commodity market consists of deriv-ative instruments that sellers and buyers reach predetermined price based on the supply, which in turn would help prices remain in control in seasons where crop productions are below expectations and helps sellers get a justified price for their products in seasons where productions have been above expectations.

iv) Formation of a Trading Platform for Small Cap Companies:

The regulator is going to introduce a small cap platform, where a company having a paid-up capital of Tk 5 crore to Tk 30 crore will be able to offload shares to the public. The regulator made the decision with an aim to form a small capital board on bourses. Other initiatives include automation of Over-the- Counter (OTC) market, bulletin board for mutual funds, platform for small cap companies, changes in book-building method and reforms in other regulations.

v) Setting up a Clearing House and Settle-ment Company:

A clearing company is an institute that provides clearing and settlement services for the bours-es. Presently, DSE and CSE are settling share transactions through the Central Depository (CDBL) of Bangladesh and bond transactions are settled through Bangladesh Bank.

Recently, DSE and CSE has decided to set up a separate and independent clearing company for smooth settlement of securities. Introduc-tion of a separate and independent clearing company will enhance the trading efficiency and management efficiency. In addition, it will also be cost-effective and benefitting for stock-brokers, dealers and investors. Besides, it will be helpful for introduction of new products such as derivatives and Exchange Traded Fund (ETF) in the stock market.

To sum up, with GDP growth rate of around 7.8% and per capita income of $1749 (as on April 2018) coupled with its demographics, Bangladesh has a huge potential to become a large economic country as identified by the multi donor agencies and international firms. Accordingly, our capital market has immense to offer in terms of products, services and avenues compared to that of other developed market. It is expected that large local conglom-erates, multinational corporations and state-owned companies should be get listed in the capital market and participation of retail, institutional and foreign investors will be improved as time goes by.




ACHIEVEMENTS OF BAPLC : 1. PUBLISHING/ DISBURSEMENT OF PLC’S

ANNUAL REPORT IN DIGITAL FORM:

Since the inception of BAPLC, the Association has been maintaining interaction with the regu-lators and other stakeholders for protecting the interests of the listed companies. It is also known to all that BAPLC has repeatedly request-ed the Bangladesh Securities and Exchange Commission (BSEC), since 2012, for allowing placing of Annual Report of the PLCs on their respective websites instead of printing them, which is a complex job entailing huge expendi-ture and allocation of valuable management time. This is also environment friendly and in line with the Honorable Prime Minister’s vision for a Digital Bangladesh.

Due to continued efforts and follow up by BAPLC, the Bangladesh Securities and Exchange Commission (BSEC) has adopted the provision in the Financial Reporting and Disclo-sure gazette on August 8, 2018, which is a great achievement for BAPLC as well as the PLCs.

2. REDUCING DISTURBANCES AT PLC AGMs:

In view of the chaotic situation surrounding distribution of food/refreshments in the Annual General Meetings of the PLC’s, BAPLC was able to convince BSEC to issue a circular stating that “No benefit in cash or kind, other than in the form of cash dividend or stock dividend, shall be paid to the holders of equity securities”, which has led to PLCs holding their Annual General Meetings (AGM) in a more congenial and peaceful atmosphere.

3. REDUCING CORPORATE TAX :

A delegation from Bangladesh Association of

Publicly Listed Companies (BAPLC) headed by its President Mr. Muhammed Aziz Khan along with Vice President Mr. Anis A. Khan and Execu-tive Committee Member Ms. Farzana Chowd-hury met the Finance Minister Mr. Abul Maal Abdul Muhith on August 27, 2017 and placed a request for reducing corporate tax for the PLCs. The Minister assured BAPLC to cut the corporate tax in the coming years.

4. SEMINAR ON RAISING AWARENESS ON VARI-OUS ASPECTS OF THE CAPITAL MARKET:

On November 08, 2017, BAPLC hosted a semi-nar to help raise awareness on various aspects of the Capital Market and improve networking of BAPLC with major stakeholders and the business community. Honourable Finance Minis-ter Mr. Abul Maal Abdul Muhith, senior Govern-ment officials, regulators, prominent business persons of the country and other stakeholders participated in the seminar, which helped disseminate better information and views.

5. ERADICATION OF MULTIPLE TAXATION ON DIVIDENDS:

Presently, dividends are taxed each time a com-pany pays it to its subsidiary, as well as when it is finally given to the shareholder. Thereby, a multiple taxation phenomenon prevails. This has a negative effect in attracting investors both at home and abroad. BAPLC had proposed to the National Board of Revenue (NBR) to tax dividend only when it is finally given to a natural person and not when dividend flows from com-pany to company. NBR has already taken the point up for implementation.


AT A GLANCEFINANCIAL POSITION OF BAPLC

Income:

The total income of the Association for the period amounting Tk. 13,467,522 and the total outstanding receivable income at the beginning of the year was Tk. 2,772,500 and during the period total received amount Tk. 11,787,522 (including interest income, admission fee and special contribution) leaving an outstanding of Tk. 4,452,500 at close of the period.

Expenditure:

The total expenditure for the year amounted to Tk. 7,616,331 and last year was Tk. 4,646,957. The operating expense, this year, has increased

in 64% in comparison with the last year due to some occasional expense for seminar and BAPLC office renovation.

Fund balance:

The period end fund balance was Tk. 48,176,923 as against Tk. 42,325,732 for the period 2016-2017.

AUDITORS

In terms of article 57 of the Association, the present Auditors, A. Qasem & Co. Chartered Accountants, retire at the Annual General Meet-ing. They have applied for their re-appointment as Auditors of the Association.

ACKNOWLEDGEMENT

In conclusion, I wish to wholeheartedly thank my colleagues in the Committee, express sincere appreciation to all the Members of the Association and all other persons associated with it for their patronage. I also take the oppor-tunity to express my deep gratitude to the BSEC, Bangladesh Bank, DSE, CSE, CDBL and other relevant stakeholders for their continu-ous support and outstanding co-operation. BAPLC will continue its ongoing endeavors to further develop the capital market of Bangla-desh as well as play a vital role in preserving the interest of the listed companies, investors, intermediaries and all others concerned.

Thank you and warm regards.

AZAM J CHOWDHURYPRESIDENT



Different Occasions of BAPLC Events

18th Annual General Meeting of BAPLC

Newly elected President Mr. Azam J Chowdhury being greeted by outgoing President Mr. Muhammed Aziz Khan

Re-elected Vice President Mr. Anis A. Khan being greeted by outgoing President Mr. Muhammed Aziz Khan



A plaque is being presented to the outgoing President Mr. Muhammed Aziz Khan

Participants at the 18th Annual General Meeting

Participants at the 18th Annual General Meeting



BAPLC delegation, led by its President Mr. Azam J Chowdhury, met with the Chairman and the Commissioners, BSEC on November 12, 2018requesting amendments of several sections of the recently gazette Code of Corporate Governance (CGC)

BAPLC delegation, led by its President Mr. Azam J Chowdhury, met with the Chairman and the Commissioners, BSEC on November 12, 2018requesting amendments of several sections of the recently gazette Code of Corporate Governance (CGC)

Newly elected team of BAPLC called on the Chairman, BSEC on December 21, 2017 and discussed the Listing Regulations



Newly elected team of BAPLC called on the Chairman, BSEC on December 21, 2017 and discussed the Listing Regulations

A team of BAPLC, led by its Vice President Mr. Anis A. Khan called on Mr. Md. Mosharraf Hossain Bhuiyan, NDC, Chairman, NBR

BAPLC-CDBL meeting on August 12, 2018 on CDBL’s Web based VeDAS Software


BAPLC Election for the President and the Vice President for the term 2018-2019

BAPLC Election for the President and the Vice President for the term 2018-2019


With the request for reducing corporate tax, BAPLC past Presi-dent Mr. Muhammed Aziz Khan, Vice President Mr. Anis A. Khanand former Executive Committee Member Ms. Farzana Chowd-hury are seen with the Finance Minister at the Secretariat on August 27, 2017


CONDOLENCE

Mr. K.M. Abdul Hai(1935-2018)


FINANCIALS


Gulshan Pink City, Suites 01, Level 7Plot 15, Road 103 Gulshan Avenue-03Dhaka-1212, BangladeshTel: 8881824-6, Fax: 8881822E-mail: [email protected] AUDITORS' REPORT

to the Members of Bangladesh Association of Publicly Listed Companies

REPORT ON THE FINANCIAL STATEMENTS

We have audited the accompanying financial statements of Bangladesh Association of Publicly Listed Companies which comprise the statement of financial position as at 30 June 2018 and the statement of comprehensive income and statement of cash flows for the year then ended and a summary of significant accounting policies and other explan-atory notes.

MANAGEMENT’S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

Management is responsible for the preparation and fair presentation of these financial statements in accor-dance with Bangladesh Financial Reporting Standards (BFRS), and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstate-ment, whether due to fraud or error.

AUDITORS’ RESPONSIBILITY

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Bangladesh Standards on Auditing (BSA). Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appro-priateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

OPINION

In our opinion, the financial statements present fairly, in all material respects, the financial position of Bangladesh Association of Publicly Listed Companies as at 30 June 2018 and its financial performance and its cash flows for the year then ended in accordance with Bangladesh Financial Reporting Standards (BFRS) and comply with applicable laws and regulations.

We also report that:

(a) We have obtained all the information and explanations which to the best of our knowledge and belief were neces-sary for the purpose of our audit and made due verification thereof.

(b) In our opinion, proper books of account as required by law have been kept by the association so far as it appeared from our examination of those books.

(c) The statement of financial position, and the statement of comprehensive income dealt with by the report are in agreement with the books of account and returns.

Dated: Dhaka14 November 2018

(A. Qasem & Co.)Chartered Accountants


BANGLADESH ASSOCIATION OF PUBLICLY LISTED COMPANIES

STATEMENT OF FINANCIAL POSITIONAs at 30 June 2018

30 June'18 30 June'17Notes Taka Taka

Assets

Non-current assets

Property, plant and equipment 3.00 3,028,592 461,819

3,028,592 461,819

Current Assets

Cash and cash equivalents 4.00 7,720,156 8,354,868

Investment in FDR 5.00 32,889,756 30,818,986

Annual subscriptions receivable 6.00 4,452,500 2,772,500

Advance, deposits and prepayments 7.00 333,000 2,500

45,395,412 41,948,854

Total assets 48,424,004 42,410,673

Fund and liabilities

Fund account

Fund account 8.00 48,176,923 42,325,732

48,176,923 42,325,732

Current liabilities

Liabilities for expenses 9.00 247,081 84,941

247,081 84,941

Total fund and liabilities 48,424,004 42,410,673

Footnotes

1. Auditors' report - page 1. 2. The annexed notes 1-13 form an integral part of these financial statements.


Signed in terms of our report of even date annexed.

Secretary-General PresidentVice-President




STATEMENT OF COMPREHENSIVE INCOMEFor the year ended June 30,2018

30 June'18 30 Jun’17Notes Taka Taka

IncomeAdmission fee 10 350,000 900,000 Membership subscriptions 11 8,295,000 8,235,000 Special contribution 12 2,500,000 - Interest on fixed deposit 2,322,522 2,186,931 Other income - 12,250 Total income (A) 13,467,522 11,334,181 ExpenditureAdministrative expenses 13 7,384,079 4,147,442 Written off receivables - 264,625 Tax on Interest Income 232,252 234,890 Total expenditure (B) 7,616,331 4,646,957 Excess of income over expenditure (A-B) 5,851,191 6,687,224

Footnotes1. Auditors' report - page 1. 2. The accompanying notes 1-13 form an integral part of these financial statements.







STATEMENT OF CASH FLOWSFor the year ended June 30,2018

30 June'18 30 Jun’17 Taka Taka

Cash flows from operating activitiesExcess of income over expenditure 5,851,191 6,687,224

Adjustment for : 433,114 555,931 Depreciation 433,114 130,152 Disposal of fixed asset (motor vehicle) - 425,778 Net cash flows before changes in working capital 6,284,305 7,243,155

(Increase)/decrease in current assets: (2,010,500) 1,118,180

Annual subscriptions receivable (1,680,000) 1,017,500 Special contribution receivable - 36,000 Accounts receivable against BICM - 37,375 Advance, Deposit & Prepayments (330,500) 27,305

Increase/(decrease) in current liabilities 162,140 22,862 Liabilities for expenses 162,140 35,112 Advance received against special contribution - (12,000)Fund for BICM of SEC - (250)Net cash (used in)/generated by operating activities 4,435,945 8,384,197

Cash flows from investing activitiesInvestment in FDR (2,070,770) (1,952,041)Payments for acquisition of non-current assets (2,999,887) (10,000)

Net cash used in investing activities (5,070,657) (1,962,041)

Cash flows from financing activities Net cash (used in)/generated by financing activities - -

Net increase/(decrease) in cash and cash equivalents (634,712) 6,422,156 Opening cash and cash equivalents 8,354,868 1,932,712 Closing cash and cash equivalents 7,720,156 8,354,868

Footnotes:1. Auditors’ report - page 1.2. The accompanying notes 1-13 form an integral part of these finanial statements.






1. BACKGROUND OF THE ASSOCIATION

The Association was incorporated on August 30, 1999 as a Company Limited by guarantee under section 28 of the Companies Act, 1994. The members of the Association are the publicly listed companies of the country. There are two classes of members i.e., Ordinary Member and Associate Member. The main objective of the Association is to promote, protect and safeguard the interest of the Listed Companies in Bangladesh. The income or property of the Association shall not be paid or transferred directly or indirectly by way of profit or dividend to the members of the Association.

2. SUMMARY OF THE SIGNIFICANT ACCOUNTING POLICIES

2.01 Accounting policy

The financial statements of the Association have been prepared on going concern basis under historical cost convention following accrual basis of accounting except for cash flow information in accordance with Bangla-desh Financial Reporting Standards (BFRSs).

2.02 Property, plant and equipment

Property plant and equipment are shown at cost less accumulated depreciation.

2.03 Depreciation

Depreciation is charged using reducing balance method at the rates varying from 10% to 20% depending on the nature and estimated useful lives of the property plant and equipment. Calculation of depreciation on addition to property plant and equipment is taken from the date of acquisition of the property plant and equipment.

2.04 Income

The main income of the Association is admis-sion fee and membership subscription, which is accounted for on due basis.

2.05 Reporting period

The reporting period of the Association

covers twelve months from 01 July 2017 to 30 June 2018.

2.06 Comparative information Comparative information has been disclosed in respect of the year ended 30 June 2017 for 12 months period in respect of all numeri-cal information in the financial statements and also the narrative and descriptive information where it is relevant for under-standing of the current year's financial statements. Certain figures for the year ended 30 June 2017 have been rearranged wherever considered necessary, to ensure better comparability with the current year's financial and to comply with relevant BFRS.

2.07 Responsibility of the preparation and presen-tation of the financial statements

The Executive Committee of the Association is responsible for the preparation and presentation of these financial statements.

2.08 Investment in fixed deposit receipts (FDR)

The company has the positive intent and ability to hold FDR to maturity, and as such financial assets are classified as held to maturity. Held-to-maturity financial assets are recognised initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, held-to-maturity financial assets are measured at amortised cost using the effective interest method, less any impair-ment losses.

2.09 Cash and cash equivalents

Cash and cash equivalents comprise cash and bank balances.

2.10 General

The financial statements are expressed in Bangladesh Taka and rounded off to the nearest integer.


NOTES TO THE FINANCIAL STATEMENTSFor the year ended June 30, 2018





3.00 Property, plant and equipment Opening balance 1,017,170 2,595,170 Add: addition during the year 2,999,887 10,000 4,017,057 2,605,170 Less: disposal/adjustment - 425,778 4,017,057 2,179,392

Less: accumulated depreciation (988,465) (1,717,573) Total 3,028,592 461,819 For details "Annexure-A" may be referred.

4.00 Cash and cash equivalents Cash in hand 24,904 46,896 Cash at bank (MTBL-a/c. No. 00030210002224) 7,695,252 8,307,972 Total 7,720,156 8,354,868

5.00 Fixed Deposit Receipt (FDR): (i) FDR No. 56235 (MTBL) 5,574,548 5,308,835 (ii) FDR No. TDR-5750/15 (PFIL) 12,618,326 11,670,132 (iii) FDR No. 71567 (MTBL) 7,207,499 6,853,385 (iv) FDR No. 1068 (BLIL) 7,489,383 6,986,633 Total 32,889,756 30,818,986

6.00 Annual subscription receivable Opening balance 2,772,500 3,790,000 Add: receivable during the year 8,295,000 8,235,000 11,067,500 12,025,000 Less: received during the year (6,615,000) (9,061,250) 4,452,500 2,963,750 Less: adjustment during the year - (191,250) Total 4,452,500 2,772,500

For details "Annexure-B" may be referred.





7.00 Advanced, deposits and prepayments Security Deposit for Office Rent 330,000 - Advance for BAPLC website maintenance charge 2,500 2,500 Advance for photocopier maintenance 500 - Total 333,000 2,500

8.00 Fund account Opening balance 42,325,732 35,638,508 Add: excess of income over expenditure 5,851,191 6,687,224 Total 48,176,923 42,325,732

9.00 Liabilities for expenses Audit fee 69,000 34,500 Electricity bill 13,701 4,819 Gas bill 800 - Internet bill 3,000 - Newspaper bill 923 1,156 Office rent - 40,000 Salary & Allowances 148,200 - Service Charges 9,985 - Telephone bill 1,472 4,466 Total 247,081 84,941

10.00 Admission Fee Income Admission Fee from New Member-Companies 350,000 900,000 350,000 900,000 For details "Annexure-D" may be referred.





11.00 Membership subscription Income Each and every member has to pay annual subscription as per following rates prescribed in the Articles of

Association:

Amount in Taka Amount in Taka Having paid up capital upto Tk. 3 crore 5,000 5,000 Having paid up capital upto Tk. 10 crore 15,000 15,000 Having paid up capital above Tk. 10 crore 30,000 30,000

The members joining during the second half of any calendar year is required to pay 50% of the annual subscrip-tion. The detailed amount is, however, shown as follows:

(i) Annual subscription July to Dec. 2017 from new members Members @ Tk. 30,000 - 30,000 05 Members @ Tk. 15000 (2nd half Membership) 75,000 195,000 Total 75,000 225,000 (ii) Annual subscription for 2018 from existing members 256 Members @ Tk. 30,000 7,680,000 7,470,000 30 Members @ Tk. 15,000 450,000 450,000 18 Members @ Tk. 5,000 90,000 90,000 Total 8,220,000 8,010,000

Grand total 8,295,000 8,235,000

12.00 Special contribution Income

Special Contribution from Member Companies 2,500,000 - Total 2,500,000 -

For details "Annexure-C" may be referred.





13.00 Administrative expenses AC Maintenance 38,512 1,150 Accounting Software Maintenance 20,900 20,900 AGM Expenses 158,718 76,841 Audit fee 34,500 34,500 BAPLC Election Exp. 34,155 - BAPLC's Seminar Exp. 2,688,766 - BAPLC Website Maintenance 5,000 2,500 Books & Publications 3,410 1,040 Car Rent 44,000 - Car Maintenace - 23,820 Computer Maintenance 26,760 12,849 Consultancy fee 57,200 8,700 Conveyance 81,130 79,650 Crokaries 24,630 8,535 Dish Entenna Bill 1,800 - Electricity Bill 55,740 38,662 Entertainment 62,644 36,953 FBCCI Election Fee - 15,000 Fuel & Lubricants - 69,489 GAS Bill 2,410 - Gift & Momento 17,000 - Gratuity - 635,778 Income Tax 85,988 - Internet Bill 38,100 37,600 Insurance Premium - 16,355 Miscellaneous Exp. 19,842 5,120 MoA Amendment - 27,420 Newspaper Bill 17,410 16,283 Office Maintenance 148,702 41,792 Office Rent 690,000 468,000 Office Shifting 48,026 - Office Stationery 103,478 80,195 Photographs & Videos 27,000 10,000 Postage & Courier 84,401 53,507 Photocopier Maintenance 10,300 3,000 Printing & Packaging Exp. 253,320 136,850 RJSC Expenses - 10,000 Salary & Allowances 1,844,080 1,940,150 Sanitary Items 76,148 - Service Charges 31,930 - Subscription to FBCCI 25,000 25,000 Telephone / Mobile Bill 48,441 70,711 Telephone Maintenance 15,650 - Transport Expenses 3,000 - Bank Charges 22,874 8,940 Depreciation (Annex-A) 433,114 130,152 Total 7,384,079 4,147,442



SCHEDULE OF NON-CURRENT ASSETSAs at 30 June 2018

Cost

ParticularsBalance

at 01July2017

AdditionDuring

Theyear

Disposal/Adjustmentdurigingthe year

Balanceas at

30 June2018

Balanceas at 01

July2017

Chargedduring

theyear

Adjustmentduring

theyear

Balanceas at 30

June 2018

Written downvalue asat 30 June

2018

Rateof

Depre-ciation

Cost

Computer and accessories 268,550 84,660 - 353,210 15% 157,367 18,277 - 175,644 177,566

Photocopy machine 131,000 - - 131,000 15% 86,434 6,685 - 93,119 37,881

Furniture and fixture 159,237 847,350 - 1,006,587 10% 69,033 18,666 - 87,699 918,888

Fax machine 50,950 - - 50,950 15% 42,919 1,205 - 44,124 6,826

Office equipment 9,600 - - 9,600 15% 8,003 240 - 8,243 1,357

Telephone and mobile set 38,943 - - 38,943 15% 28,616 1,549 - 30,165 8,778

Printer 43,940 32,232 - 76,172 15% 21,719 3,730 - 25,449 50,723

Air cooler 139,950 438,600 - 578,550 15% 73,233 26,591 - 99,824 478,726

Accounting software 100,000 - - 100,000 20% 47,734 10,453 - 58,187 41,813

Baplc website 75,000 - - 75,000 20% 20,293 10,941 - 31,234 43,766

Conference Systems - 393,720 - 393,720 15% - 7,767 - 7,767 385,953

Projector - 106,991 - 106,991 15% - 2,418 - 2,418 104,573

Television - 132,600 - 132,600 15% - 3,379 - 3,379 129,221

Office Renovation 963,734 963,734 33% - 321,213 321,213 642,521

Total in 2017-2018 1,017,170 2,999,887 - 4,017,057 555,351 433,114 - 988,465 3,028,593

Total in 2016-2017 2,595,170 10,000 425,778 2,179,392 1,587,420 130,152 - 1,717,573 461,819

Annexure-A



SCHEDULE OF ANNUAL SUBSCRIPTION RECEIVABLEAs at 30 June 2018

Sl. No. Particulars

1 Aamra Networks Ltd. - - 30,000 30,000 - - 2 Aamra Technologies Ltd. - - 30,000 30,000 - - 3 AB Bank Ltd. - - 30,000 30,000 - - 4 ACI Formulations Ltd. - - 30,000 30,000 - - 5 Active Fine Chemicals Ltd. - - 30,000 - - 30,000 6 Advanced Chemical Industries limited - - 30,000 30,000 - - 7 AFC Agro Biotech Ltd. - - 30,000 - - 30,000 8 Aftab Automobiles Ltd. - - 30,000 - - 30,000 9 Agni Systems Ltd. - - 30,000 - - 30,000 10 Agrani Insurance Co. Ltd. - - 30,000 30,000 - - 11 Agricultural Marketing Co. Limited 15,000 - 15,000 - - 30,000 12 Al-Arafah Islami Bank Ltd. - - 30,000 30,000 - - 13 Alhaj Textile Mills Limited - - 30,000 - - 30,000 14 Alltex Industries Ltd. 30,000 - 30,000 60,000 - - 15 Alpha Tobacco Mfg. Co. Ltd. - - 5,000 5,000 - - 16 Aman Feed Ltd. - - 30,000 30,000 - - 17 Ambee Pharmacuticals Ltd. - - 5,000 5,000 - - 18 Anlima Yarn Dyeing Ltd. - - 30,000 30,000 - - 19 Anwar Galvanizing Ltd. - - 30,000 30,000 - - 20 Apex Foods Ltd. - - 15,000 15,000 - - 21 Apex Footwear Limited - - 30,000 30,000 - - 22 Apex Spining & Knitting Mills Ltd. - - 15,000 15,000 - - 23 Apex Tannery Ltd. - - 30,000 30,000 - - 24 Apex Weaving & Finishing Mills Ltd. 270,000 - 30,000 - - 300,000 25 Appollo Ispat Complex Ltd. - - 30,000 - - 30,000 26 Aramit Cement Ltd. - - 30,000 30,000 - - 27 Aramit Ltd. - - 15,000 15,000 - - 28 Argon Denims Ltd. - - 30,000 30,000 - - 29 Asia Insurance Ltd. - - 30,000 30,000 - - 30 Asia Pacific General Ins. Co. Ltd. - - 30,000 30,000 - - 31 Aziz Pipes Limited - - 15,000 15,000 - - 32 Bangas Limited 95,000 - 15,000 - - 110,000 33 Bangladesh Autocars Limited - - 15,000 15,000 - - 34 Bangladesh Building Systems Ltd. - - 30,000 30,000 - - 35 Bangladesh Export Import Co. Limited - - 30,000 - - 30,000 36 Bangladesh Finance & Inv. Co. Ltd. - - 30,000 30,000 - - 37 Bangladesh General Insurance Co. Ltd. - - 30,000 30,000 - - 38 Bangladesh Industrial Finance Co. Ltd. - - 30,000 30,000 - - 39 Bangladesh Lamps Limited - - 15,000 15,000 - - 40 Bangladesh Monospool Paper Mfg. Co. Ltd. - - 5,000 - - 5,000 41 Bangladesh National Insurance Co. Ltd. - - 30,000 30,000 - - 42 Bangladesh Plantation Ltd. 45,000 - 5,000 - - 50,000 43 Bangladesh Services Ltd. - - 30,000 30,000 - - 44 Bangladesh Shipping Corporation - - 30,000 30,000 - - 45 Bangladesh Steel Re-Rolling Mills Ltd. - - 30,000 30,000 - - 46 Bangladesh Submarine Cable Co. Ltd. 30,000 - 30,000 30,000 - 30,000 47 Bangladesh Thai Alluminium Limited - - 30,000 30,000 - - 48 Bank Asia Ltd. - - 30,000 30,000 - - 49 Baraka Power Ltd. - - 30,000 30,000 - - 50 Bata Shoe Co. (Bangladesh) Ltd. - - 30,000 30,000 - - 51 Bay Leasing & Investment Ltd. - - 30,000 - - 30,000 52 BBS Cables Ltd. - 15,000 30,000 45,000 - -

Balanceas at 01

July2017

Receivedduring the year 2018

Adjustmentduring the

year

Balanceas at

30 June2018

Receivable during the

periodJuly to Dec 2017

Receivable during the year 2018

Annexure-B




Sl. No. Particulars

53 BD Com Online Ltd. - - 30,000 30,000 - - 54 Beacon Pharmaceuticals Ltd. - - 30,000 30,000 - - 55 Bengal Biscuits Limited - - 15,000 15,000 - - 56 Bengal Fine Ceramics Limited 157,500 - 15,000 - - 172,500 57 Bengal Windsor Thermoplastics Ltd. - - 30,000 30,000 - - 58 Berger Paints Bangladesh Ltd. - - 30,000 30,000 - - 59 Beximco Pharmaceuticals Limited - - 30,000 30,000 - - 60 Beximco Synthetics Limited - - 30,000 - - 30,000 61 BRAC Bank Ltd. - - 30,000 30,000 - - 62 British American Tobacco Bangladesh Co. Ltd. - - 30,000 30,000 - - 63 BSRM Steels Ltd. - - 30,000 30,000 - - 64 C & A Textiles Ltd. 30,000 - 30,000 - - 60,000 65 Central Insurance Co. Ltd. - - 30,000 30,000 - - 66 Central Pharmaceuticals Ltd. 60,000 - 30,000 - - 90,000 67 City General Ins. Co. Ltd. - - 30,000 30,000 - - 68 Confidence Cement Ltd. - - 30,000 30,000 - - 69 Continental Insurance Ltd. - - 30,000 30,000 - - 70 CVO Petrochemical Refinery Ltd. - - 30,000 30,000 - - 71 Daffodil Computers Ltd. - - 30,000 30,000 - - 72 Delta Brac Housing Finance Corp. Ltd. - - 30,000 30,000 - - 73 Delta Life Insurance Co. Ltd. - - 30,000 30,000 - - 74 Delta Spinners Ltd. - - 30,000 - - 30,000 75 Desh Garments Limited - - 15,000 15,000 - - 76 Deshbandhu Polymer Ltd. - - 30,000 30,000 - - 77 Dhaka Bank Ltd. - - 30,000 30,000 - - 78 Dhaka Electric Supply Co. Ltd. - - 30,000 30,000 - - 79 Dhaka Insurance Ltd. - - 30,000 30,000 - - 80 Doreen Power Generations & Systems Ltd. - - 30,000 30,000 - - 81 Dragon Sweater & Spinning Ltd. 30,000 - 30,000 30,000 - 30,000 82 Dulamia Cotton Spinning Mills Ltd. 15,000 - 15,000 15,000 - 15,000 83 Dutch Bangla Bank Ltd. - - 30,000 30,000 - - 84 Eagle Star Textile Mills Limited - - 15,000 - - 15,000 85 Eastern Bank Ltd. - - 30,000 30,000 - - 86 Eastern Cables Ltd. - 15,000 30,000 45,000 - - 87 Eastern Housing Limited - - 30,000 30,000 - - 88 Eastern Insurance Co. Limited 30,000 - 30,000 60,000 - - 89 Eastern Lubricants Blenders Ltd. - - 5,000 5,000 - - 90 Eastland Insurance Co. Ltd. - - 30,000 30,000 - - 91 Emerald Oil Industries Ltd. 30,000 - 30,000 - - 60,000 92 Envoy Textiles Ltd. - - 30,000 30,000 - - 93 Evince Textiles Ltd. - - 30,000 30,000 - - 94 Excelsior Shoes Ltd. - - 30,000 - - 30,000 95 Export Import Bank of Bangladesh Ltd. - - 30,000 30,000 - - 96 FAR Chemical Industries Ltd. 30,000 - 30,000 60,000 - - 97 Far East Knitting & Dyeing Ltd. - - 30,000 30,000 - - 98 Fareast Finance & Investment Ltd. - - 30,000 30,000 - - 99 Fareast Islami Life Insurance Co. Ltd. - - 30,000 - - 30,000 100 FAS Finance & Investment Ltd. - - 30,000 30,000 - - 101 Federal Insurance Co. Ltd. - - 30,000 30,000 - - 102 Fine Foods Ltd. - 15,000 30,000 15,000 - 30,000 103 First Finance Ltd. - - 30,000 30,000 - - 104 First Security Islami Bank Ltd. - - 30,000 30,000 - -

Balanceas at 01

July2017



year

Balanceas at

30 June2018




Annexure-B




Sl. No. Particulars

105 Fortune Shoes Ltd. 30,000 - 30,000 30,000 - 30,000 106 Fu-Wang Ceramic Industries Ltd. - - 30,000 - - 30,000 107 Fu-Wang Foods Ltd. 30,000 - 30,000 30,000 - 30,000 108 GBB Power Ltd. - - 30,000 30,000 - - 109 Gemini Sea Food Ltd. - - 5,000 5,000 - - 110 Generation Next Fashions Ltd. - - 30,000 - - 30,000 111 GlaxoSmithKline Bangladesh Ltd. - - 30,000 30,000 - - 112 Global Heavy Chemicals Ltd. - - 30,000 30,000 - - 113 Global Insurance Ltd. - - 30,000 30,000 - - 114 Golden Harvest Agro Industries Ltd. - - 30,000 30,000 - - 115 Golden Son Ltd. 30,000 - 30,000 30,000 - 30,000 116 GPH Ispat Ltd. - - 30,000 30,000 - - 117 GQ Ball Pen Industries Ltd. 15,000 - 15,000 15,000 - 15,000 118 Grameenphone Ltd. - - 30,000 30,000 - - 119 Green Delta Insurance Co. Limited - - 30,000 30,000 - - 120 GSP Finance Co. (BD) Ltd. - - 30,000 30,000 - - 121 GULF Foods Ltd. 75,000 - 15,000 - - 90,000 122 H. R. Textile Mills Ltd. - - 30,000 30,000 - - 123 Hakkani Pulp & Paper Mills Ltd. - - 30,000 30,000 - - 124 Hamid Fabrics Ltd. - - 30,000 30,000 - - 125 Heidelberg Cement Bangladesh Ltd. - - 30,000 30,000 - - 126 Himadri Ltd. - - 5,000 5,000 - - 127 HWA Well Textile (BD) Ltd. - - 30,000 30,000 - - 128 ICB Islamic Bank Ltd. - - 30,000 30,000 - - 129 IDLC Finance Ltd. - - 30,000 30,000 - - 130 IFAD Autos Ltd. - - 30,000 30,000 - - 131 IFIC Bank Ltd. - - 30,000 30,000 - - 132 Imam Button Ind. Ltd. - - 15,000 15,000 - - 133 Information Services Network Ltd. - - 30,000 - - 30,000 134 Information Technology Consultants Ltd. - - 30,000 30,000 - - 135 InTech Ltd. - - 30,000 - - 30,000 136 International Leasing & Fin. Services Ltd. - - 30,000 30,000 - - 137 Investment Corporation of BD. (ICB) - - 30,000 30,000 - - 138 IPDC Finance Ltd. - - 30,000 30,000 - - 139 Islami Bank Bangladesh Ltd. - - 30,000 30,000 - - 140 Islami Insurance Bangladesh Ltd. - - 30,000 - - 30,000 141 Islamic Finance and Investment Ltd. - - 30,000 30,000 - - 142 Jamuna Bank Ltd. - - 30,000 30,000 - - 143 Jamuna Oil Co. Ltd. - - 30,000 30,000 - - 144 Janata Insurance Co. Ltd. - - 30,000 30,000 - - 145 JMI Syringes & Medical Devices Ltd. - - 30,000 - - 30,000 146 Jute Spinners Ltd. 15,000 - 5,000 - - 20,000 147 Karnaphuli Insurance Co. Ltd. - - 30,000 30,000 - - 148 Kay & Que (Bangladesh) Limited 15,000 - 15,000 15,000 - 15,000 149 KDS Accessories Ltd. - - 30,000 30,000 - - 150 Keya Cosmetics Ltd. - - 30,000 - - 30,000 151 Khan Brothers PP Woven Bag Industries Ltd. 30,000 - 30,000 - - 60,000 152 Khulna Power Company Ltd. - - 30,000 - - 30,000 153 Khulna Printing & Packaging Ltd. - - 30,000 30,000 - - 154 Kohinoor Chemical Co.(BD) Ltd. - - 30,000 30,000 - - 155 Lafarge Holcim Bangladesh Ltd. - - 30,000 30,000 - - 156 Lanka Bangla Finance Ltd. - - 30,000 30,000 - -

Balanceas at 01

July2017



year

Balanceas at

30 June2018




Annexure-B




Sl. No. Particulars

157 Legacy Footwear Ltd. - 15,000 30,000 15,000 - 30,000 158 Libra Infusions Limited - - 5,000 5,000 - - 159 Linde Bangladesh Ltd. - - 30,000 - - 30,000 160 M. I. Cement Factory Ltd. 30,000 - 30,000 30,000 - 30,000 161 Maksons Spinning Mills Ltd. - - 30,000 30,000 - - 162 Malek Spinning Mills Ltd. - - 30,000 30,000 - - 163 Marico Bangladesh Ltd. - - 30,000 30,000 - - 164 Matin Spinning Mills Ltd. - - 30,000 30,000 - - 165 Meghna Condensed Milk Ind. Ltd. 210,000 - 30,000 - - 240,000 166 Meghna Life Insurance Co. Ltd. - - 30,000 30,000 - - 167 Meghna Pet Ind. Ltd. 210,000 - 30,000 - - 240,000 168 Meghna Petroleum Ltd. - - 30,000 30,000 - - 169 Meghna Vegetable Oil Ind. Ltd. - - 15,000 - - 15,000 170 Mercantile Bank Ltd. - - 30,000 30,000 - - 171 Mercantile Insurance Co. Ltd. - - 30,000 30,000 - - 172 Metro Spinning Limited - - 30,000 30,000 - - 173 Midas Financing Ltd. - - 30,000 - - 30,000 174 Miracle Industries Ltd. 30,000 - 30,000 - - 60,000 175 Mithun Knitting & Dyeing (CEPZ) Limited 255,000 - 30,000 - - 285,000 176 MJL Bangladesh Ltd. - - 30,000 30,000 - - 177 Modern Dyeing & Screen Printing Ltd. - - 5,000 - - 5,000 178 Modern Industries (BD) Limited - - 5,000 - - 5,000 179 Monno Ceramic Ind. Ltd. - - 30,000 - - 30,000 180 Monno Jute Stafllers Ltd. - - 5,000 5,000 - - 181 Mozaffar Hossain Spinning Mills Ltd. 30,000 - 30,000 30,000 - 30,000 182 Mutual Trust Bank Ltd. - - 30,000 30,000 - - 183 National Bank Ltd. - - 30,000 30,000 - - 184 National Credit and Commerce Bank Ltd. - - 30,000 30,000 - - 185 National Feed Mill Ltd. - - 30,000 - - 30,000 186 National Housing Finance & Inv. Ltd. - - 30,000 30,000 - - 187 National Life Insurance Co. Limited - - 30,000 - - 30,000 188 National Polymer Industries Ltd. - - 30,000 30,000 - - 189 National Tea Co. Ltd. - - 15,000 - - 15,000 190 Navana CNG Ltd. - - 30,000 - - 30,000 191 Niloy Cement Industries Limited 45,000 - 15,000 - - 60,000 192 Nitol Insurance Co. Ltd. - - 30,000 30,000 - - 193 Northern General Insurance Co. Ltd. - - 30,000 30,000 - - 194 Northern Jute Manufacturing Co. Ltd. - - 5,000 5,000 - - 195 Nurani Dyeing & Sweater Ltd. - 15,000 30,000 15,000 - 30,000 196 Olympic Accessories Ltd. 30,000 - 30,000 60,000 - - 197 Olympic Industries Ltd. - - 30,000 30,000 - - 198 ONE Bank Ltd. - - 30,000 30,000 - - 199 Orion Infusion Limited - - 30,000 - - 30,000 200 Orion Pharma Limited - - 30,000 - - 30,000 201 Padma Islami Life Ins. Ltd. - - 30,000 30,000 - - 202 Padma Oil Co. Ltd. - - 30,000 30,000 - - 203 Paper Processing & Packaging Ltd. - - 5,000 - - 5,000 204 Paramount Insurance Co. Ltd. - - 30,000 30,000 - - 205 Paramount Textile Ltd. - - 30,000 30,000 - - 206 Peoples Insurance Co. Ltd. - - 30,000 30,000 - - 207 Peoples Leasing and Financial Services Ltd. - - 30,000 30,000 - - 208 Perfume Chemical Industries Limited 150,000 - 15,000 - - 165,000

Balanceas at 01

July2017



year

Balanceas at

30 June2018




Annexure-B




Sl. No. Particulars

209 Pharma AIDs Ltd. - - 15,000 15,000 - - 210 Phoenix Finance & Investment Ltd. - - 30,000 30,000 - - 211 Phoenix Insurance Co. Ltd. - - 30,000 30,000 - - 212 Phoenix Leather Complex Limited - - 5,000 5,000 - - 213 Pioneer Insurance Co. Ltd. - - 30,000 30,000 - - 214 Popular Life Insurance Co. Ltd. - - 30,000 30,000 - - 215 Pragati Insurance Limited - - 30,000 - - 30,000 216 Pragati Life Insurance Limited - - 30,000 30,000 - - 217 Premier Cement Mills Ltd. - - 30,000 30,000 - - 218 Premier Leasing & Finance Ltd. - - 30,000 30,000 - - 219 Prime Bank Ltd. - - 30,000 30,000 - - 220 Prime Finance & Investment Ltd. - - 30,000 30,000 - - 221 Prime Insurance Company Limited - - 30,000 - - 30,000 222 Prime Islami Life Ins. Ltd. - - 30,000 30,000 - - 223 Prime Textile Spinning Mills Ltd. - - 30,000 30,000 - - 224 Prograssive Life Ins. Co. Ltd. - - 30,000 30,000 - - 225 Provati Insurance Co. Ltd. - - 30,000 30,000 - - 226 Pubali Bank Ltd. - - 30,000 30,000 - - 227 Purabi General Insurance Company Ltd. - - 30,000 30,000 - - 228 Quasem Industries Limited - - 30,000 30,000 - - 229 R.A.K. Ceramics (Bangladesh) Ltd. - - 30,000 30,000 - - 230 R.N. Spinning Mills Ltd. 30,000 - 30,000 60,000 - - 231 Rahim Textile Mills Ltd. - - 15,000 15,000 - - 232 Rahima Food Corporation Ltd. - - 30,000 30,000 - - 233 Rangpur Dairy & Food Products Ltd. 30,000 - 30,000 30,000 - 30,000 234 Rangpur Foundry Ltd. 15,000 - 15,000 - - 30,000 235 Ratanpur Steel Re-Rolling Mills Ltd. - - 30,000 30,000 - - 236 Reckitt Benckiser (Bangladesh) Ltd. - - 15,000 15,000 - - 237 Regent Textile Mills Ltd. 30,000 - 30,000 30,000 - 30,000 238 Reliance Insurance Ltd. - - 30,000 30,000 - - 239 Renata Limited - - 30,000 30,000 - - 240 Renwick, Jajneswar & Co. (BD) Ltd. - - 5,000 5,000 - - 241 Republic Insurance Co. Ltd. - - 30,000 30,000 - - 242 Rupali Bank Ltd. - - 30,000 - - 30,000 243 Rupali Insurance Co. Ltd. - - 30,000 - - 30,000 244 Rupali Life Insurance Co. Ltd. - - 30,000 30,000 - - 245 S. Alam Cold Rolled Steels Ltd. - - 30,000 30,000 - - 246 Safko Spinning Mills Ltd. 30,000 - 30,000 30,000 - 30,000 247 Saif Powertec Ltd. 30,000 - 30,000 - - 60,000 248 Saiham Cotton Mills Ltd. - - 30,000 30,000 - - 249 Saiham Textile Mills Ltd. - - 30,000 30,000 - - 250 Salvo Chemical Industry Ltd. 30,000 - 30,000 30,000 - 30,000 251 Samorita Hospital Ltd. - - 30,000 30,000 - - 252 Sandhani Life Ins. Co. Ltd. - - 30,000 30,000 - - 253 Shahjalal Islami Bank Ltd. - - 30,000 30,000 - - 254 Shahjibazar Power Co. Ltd. - - 30,000 30,000 - - 255 Shasha Denims Ltd. - - 30,000 30,000 - - 256 Shepherd Industries Ltd. - - 30,000 30,000 - - 257 Shinepukur Ceramics Ltd. - - 30,000 30,000 - - 258 Shurwid Industries Ltd. 30,000 - 30,000 - - 60,000 259 Shyampur Sugar Mills Ltd. - - 15,000 - - 15,000 260 Simtex Industries Ltd. - - 30,000 30,000 - -

Balanceas at 01

July2017



year

Balanceas at

30 June2018




Annexure-B




Sl. No. Particulars

261 Singer Bangladesh Ltd. - - 30,000 30,000 - - 262 Sinobangla Industries Ltd. - - 30,000 30,000 - - 263 Social Islami Bank Ltd. - - 30,000 30,000 - - 264 Sonali Aansh Industries Ltd. - - 5,000 5,000 - - 265 Sonali Paper and Board Mills Ltd. - - 15,000 15,000 - - 266 Sonar Bangla Insurance Ltd. - - 30,000 30,000 - - 267 Sonargaon Textiles Limited - - 30,000 30,000 - - 268 Southeast Bank Ltd. - - 30,000 30,000 - - 269 Square Pharmaceuticals Limited - - 30,000 30,000 - - 270 Square Textiles Ltd. - - 30,000 30,000 - - 271 Standard Bank Ltd. 30,000 - 30,000 30,000 - 30,000 272 Standard Ceramic Industries Ltd. - - 15,000 15,000 - - 273 Standard Insurance Ltd. - - 30,000 - - 30,000 274 Stylecraft Limited - - 5,000 5,000 - - 275 Summit Alliance Port Ltd. - - 30,000 30,000 - - 276 Summit Power Ltd. - - 30,000 30,000 - - 277 Sunlife Insurance Co. Ltd. - - 30,000 30,000 - - 278 Takaful Islami Insurance Ltd. - - 30,000 30,000 - - 279 Toyo Spinning Mills Limited 270,000 - 30,000 - - 300,000 280 The ACME Laboratories Ltd. - - 30,000 30,000 - - 281 The City Bank Limited - - 30,000 - - 30,000 282 The Ibn Sina Pharma Ind. Ltd. - - 30,000 30,000 - - 283 The Peninsula Chittagong Ltd. - - 30,000 30,000 - - 284 The Premier Bank Ltd. - - 30,000 30,000 - - 285 Titas Gas T. & D. Co. Ltd. - - 30,000 30,000 - - 286 Tosrifa Industries Ltd. - - 30,000 30,000 - - 287 Trust Bank Ltd. - - 30,000 30,000 - - 288 Tung Hai Knitting & Dyeing Ltd. 30,000 - 30,000 - - 60,000 289 Union Capital Ltd. - - 30,000 30,000 - - 290 Unique Hotel & Resorts Ltd. - - 30,000 30,000 - - 291 United Airways (BD) Ltd. 90,000 - 30,000 - - 120,000 292 United Commercial Bank Ltd. - - 30,000 30,000 - - 293 United Finance Ltd. - - 30,000 30,000 - - 294 United Insurance Co. Ltd. - - 30,000 30,000 - - 295 United Power Generation & Distribution Co. Ltd. - - 30,000 30,000 - - 296 Usmania Glass Sheet Factory Ltd. - - 30,000 30,000 - - 297 Uttara Bank Ltd. - - 30,000 30,000 - - 298 Uttara Finance & Inv. Ltd. - - 30,000 30,000 - - 299 WATA Chemicals Ltd. - - 15,000 - - 15,000 300 Western Marine Shipyard Ltd. - - 30,000 - - 30,000 301 Yeakin Polymer Ltd. - - 30,000 - - 30,000 302 Zaheen Spinning Ltd. 30,000 - 30,000 30,000 - 30,000 303 Zahintex Industries Ltd. - - 30,000 - - 30,000 304 Zeal Bangla Sugar Mills Ltd. - - 15,000 15,000 - - Total 2,772,500 75,000 8,220,000 6,615,000 - 4,452,500

Balanceas at 01

July2017



year

Balanceas at

30 June2018




Annexure-B



SCHEDULE OF SPECIAL CONTRIBUTION RECEIVED As at 30 June 2018

01 MJL Bangladesh Ltd. 500,000

02 Prime Bank Ltd. 1,000,000

03 National Polymer Industries Ltd. 1,000,000

Total 2,500,000

Sl. No. Particulars Received during the year

Annexure-C

SCHEDULE OF ADMISSION FEEAs at 30 June 2018

01 Eastern Cables Ltd. 50,000 02 Fine Foods Ltd. 50,000 03 Legacy Footwear Ltd. 50,000 04 BBS Cables Ltd. 50,000 05 Nurani Dyeing & Sweater Ltd. 50,000 06 Aamra Networks Ltd. 50,000 07 Bangladesh National Insurance Co. Ltd. 50,000 Total 350,000

Sl. No. Particulars Received during the year

Annexure-D


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